IKEA Iceland has taken part in a commercial transaction on ethereum, using smart contracts and licensed e-money to facilitate the settlement of an order from local retailer Nordic Store.

The transaction was carried out on a platform provided by supply chain management firm Tradeshift and used "programmable digital cash" from ConsenSys-backed Monerium, according to an announcement from Tradeshift on Tuesday. Specifically, Nordic Store bought goods from IKEA and settled an e-invoice using Monerium's tokenised Icelandic krona.

As reported in June, Reykjavik-based Monerium was licensed by the Financial Supervisory Authority of Iceland (FME) as its first Electronic Money Institution, making the startup the first to have regulatory approval to provide fiat payment services over blockchain systems across the European Economic Area.